Manga-Based DORAE Token Drops 99% Signalling a Rug-Pull?
The post Manga-Based DORAE Token Drops 99% Signalling a Rug-Pull? appeared on BitcoinEthereumNews.com.
Doraemon-based token DORAE plummets 99% since launch in the last 24 hours. In the past few months, the number of rug-pull incidents have shown a notable increase. Multiple rug pull scams occurred over the past few months in the crypto market. Amidst celebrity memecoin shillings and the launch of numerous new tokens, the scams have also shown a surge. Relatively, Doraemon themed token, DORAE originated in the market on Wednesday with signs of rug-pull within 24-hours of launch. According to Lookonchain reports, the token was deployed by an anonymous individual identified with the wallet address ‘CKEfb2’. Following its launch, the token surged 300% approximately, within a few hours from its initial price of$0.0000280 to $0.0023456. The token recorded a trading volume of $2.77 million, according to CMC data. At the time of writing, the trading price of DORAE was $0.0001072. Early DORAE Whale Activity or Deployer’s Rug-Pull? Meanwhile, an anonymous wallet labeled as ‘CEHgjR’ received 215.7 million DORAE from the deployer’s account. Along with the DORAE tokens, the wallet also received 304 SOL worth approximately $41K from KuCoin. Following this, the wallet bought 2.5 million DORAE tokens using the SOL tokens. However, after the token witnessed its price surge, during midday, the wallet dumped the 2.5 million DORAE tokens in exchange for 10,538 SOL worth $1.45 million. This caused the tokens to plummet in prices. On the other hand, the individual has acquired a 3436% profit consisting of 10,234 SOL which is worth $1.41 million approximately. Moreover, analysts suspect that the wallet address that dumped the tokens to be connected with the token deployer. The raise in suspensions was primarily caused because of the deployer sending 215.7 million DORAE to ‘CEHgjR’. This has led to on-chain observers concluding it to be a ‘rug-pull’ scam. Increasing Rug Pull Scams Over the…
Filed under: News - @ June 26, 2024 9:24 pm